Securities (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale and Held to Maturity Securities Reconciliation

The amortized cost and fair value of securities are summarized in the following tables:

	June 30, 2014
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,995	$	—	$	(2,353	)	$	31,642
Residential mortgage-backed securities	63,580		55		(898		)	62,737
Agency collateralized mortgage obligations	454,808		1,996		(11,892		)	444,912
Municipal securities	27,956		63		(473		)	27,546
Total	$	580,339	$	2,114	$	(15,616	)	$	566,837
Held to Maturity:
U.S. Government agency securities	$	149,105	$	—	$	(8,362	)	$	140,743
Residential mortgage-backed securities	7,515		405		—			7,920
Agency collateralized mortgage obligations	112,405		452		(2,363		)	110,494
Corporate debt securities	5,000		116		—			5,116
Municipal securities	3,994		16		(40		)	3,970
Total	$	278,019	$	989	$	(10,765	)	$	268,243

	December 31, 2013
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale:
U.S. Government agency securities	$	33,995	$	—	$	(4,069	)	$	29,926
Residential mortgage-backed securities	65,795		—		(3,295		)	62,500
Agency collateralized mortgage obligations	483,591		1,141		(17,668		)	467,064
Municipal securities	27,950		—		(1,517		)	26,433
Total	$	611,331	$	1,141	$	(26,549	)	$	585,923
Held to Maturity:
U.S. Government agency securities	$	149,096	$	—	$	(16,082	)	$	133,014
Residential mortgage-backed securities	7,849		197		—			8,046
Agency collateralized mortgage obligations	118,893		251		(4,465		)	114,679
Corporate debt securities	5,000		149		—			5,149
Municipal securities	2,976		—		(167		)	2,809
Total	$	283,814	$	597	$	(20,714	)	$	263,697

Amortized cost and fair value of debt securities by contractual maturity

The amortized cost and fair value of debt securities by contractual maturity at June 30, 2014 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations.

	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years	3,878		3,821		5,000		5,116
Due after five years through ten years	48,682		46,266		71,018		66,702
Due after ten years	9,391		9,101		82,081		78,011
	61,951		59,188		158,099		149,829
Residential mortgage-backed securities	63,580		62,737		7,515		7,920
Agency collateralized mortgage obligations	454,808		444,912		112,405		110,494
Total	$	580,339	$	566,837	$	278,019	$	268,243

Gains (Losses) on the sales or calls of debt securities and credit losses for OTTI of investments

The following table summarizes the Company's gains and losses on the sales or calls of debt securities and credit losses (if any) recognized for the OTTI of investments:

(in thousands)	Gross Realized Gains		Gross Realized Losses			OTTI Credit Losses		Net Gains
Three Months Ended:
June 30, 2014	$	—	$	—		$	—	$	—
June 30, 2013	363		(372		)	—		(9		)
Six Months Ended:
June 30, 2014	$	11	$	—		$	—	$	11
June 30, 2013	1,183		(1,162		)	—		21

Fair value and gross unrealized losses

The following table shows the fair value and gross unrealized losses associated with the Company's investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: 

	June 30, 2014
	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available for Sale:
U.S. Government agency securities	$	—	$	—		$	31,642	$	(2,353	)	$	31,642	$	(2,353	)
Residential mortgage-backed securities	8,363		(2		)	32,423		(896		)	40,786		(898		)
Agency collateralized mortgage obligations	86,500		(859		)	205,715		(11,033		)	292,215		(11,892		)
Municipal securities	7,083		(21		)	11,446		(452		)	18,529		(473		)
Total	$	101,946	$	(882	)	$	281,226	$	(14,734	)	$	383,172	$	(15,616	)
Held to Maturity:
U.S. Government agency securities	$	—	$	—		$	140,743	$	(8,362	)	$	140,743	$	(8,362	)
Agency collateralized mortgage obligations	29,115		(646		)	16,438		(1,717		)	45,553		(2,363		)
Municipal securities	1,617		(11		)	1,236		(29		)	2,853		(40		)
Total	$	30,732	$	(657	)	$	158,417	$	(10,108	)	$	189,149	$	(10,765	)

	December 31, 2013
	Less than 12 months					12 months or more					Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Available for Sale:
U.S. Government agency securities	$	8,077	$	(918	)	$	21,849	$	(3,151	)	$	29,926	$	(4,069	)
Residential mortgage-backed securities	62,500		(3,295		)	—		—			62,500		(3,295		)
Agency collateralized mortgage obligations	363,993		(16,182		)	15,574		(1,486		)	379,567		(17,668		)
Municipal securities	26,433		(1,517		)	—		—			26,433		(1,517		)
Total	$	461,003	$	(21,912	)	$	37,423	$	(4,637	)	$	498,426	$	(26,549	)
Held to Maturity:
U.S. Government agency securities	$	110,435	$	(13,661	)	$	22,579	$	(2,421	)	$	133,014	$	(16,082	)
Agency collateralized mortgage obligations	98,082		(4,465		)	—		—			98,082		(4,465		)
Municipal securities	2,809		(167		)	—		—			2,809		(167		)
Total	$	211,326	$	(18,293	)	$	22,579	$	(2,421	)	$	233,905	$	(20,714	)